Two left in race for Pearson offshoot

THE front-runner in the £75m auction of Pearson's financial magazines dropped out today, leaving just two bidders. Venture capitalist Hg Capital was backing a management buyout of the FT Business division led by its managing director Nick Crawshaw. But it decided it could not complete a deal within Pearson's timetable.

This leaves trade bidder Incisive Media and the former boss of FT Group, Stephen Hill vying for pole position. Hill stepped aside from day-to-day duties at Pearson in February to pursue a buyout with the backing of venture capitalist Permira.

But despite weeks of exclusive talks, he failed to clinch a deal, and Incisive Media has recently been in intense discussions with Pearson.